After months of anticipation and development, Oculus has finally unveiled the consumer version of its Rift virtual reality (VR) headset. This could be the start of something big for consumers and businesses alike.

This is not the first time there has been hype about virtual reality, having first come to public attention in the late 1980s. At that time the expectation far exceeded the experience, and the technology failed to secure widespread consumer adoption. Despite the huge interest, the timing wasn’t right and truly immersive virtual reality remained the stuff of science fiction.

More than a quarter of a century later, things have changed. I recently had the opportunity to try the new Oculus Rift demo Crescent Bay and engage with an array of surreal virtual worlds, from standing frightened at the top of a skyscraper, to coming face to face with an alien, who reacted to my movements. It was mind-blowing. I was so deeply present in that moment, in those worlds: the promise of VR, finally realised.

In 2005 a video entitled Me at the Zoo was uploaded onto the internet. It wasn’t a particularly exciting video and didn’t feature celebrities or show anything profound. Yet, it now has historical significance as it marked the birth of YouTube, which grew to become the heart and soul of the online video revolution.

Putting on the new virtual reality headsets, from the high-end Oculus to the more accessible Samsung VR and Google Cardboard, it’s obvious we’reon the precipice of another interstellar leap in tech development. The potential for virtual reality to transform gaming is obvious. Video games will become more immersive, allowing the gamer to feel as if he or she is really flying a fighter jet, slaying a dragon or saving the world from aliens.

As with all new technological leaps there will be naysayers, who may denounce it for taking people away from reality and plugging them into fantasy. However, we need to have faith in people being able to enjoy the virtual world without losing sight of what is real. From this month visitors to the Natural History Museum in London will be able to experience David Attenborough’s First Life, a fully immersive exploration of the ancient seas using the Samsung Gear VR headset, a great example of how virtual reality will transform education and learning.

When it comes to business, the possibilities of using the technology are endless. During the creation of a new product, rather than developing a prototype, businesses have the opportunity to use virtual headsets to interact with, and test, 3D models. This means that any faults in design can be detected early on and, crucially, before they become hugely expensive to fix. Using the technology in this manner also engenders global collaboration, as teams can share their progress and work on projects regardless of geographic location. Some brands have already started experimenting. Ford has been using virtual reality technology in some form to develop its designs since 2000, with potential customers virtually experiencing cars and designs before they become a physical product.

Now that cutting-edge virtual reality technology exists and is accessible to consumers, this may represent just the tip of a virtual iceberg of opportunity. You can expect lots of experimentation and there will inevitably be good and bad examples of how content creators, educators, businesses and brands utilise it, but best practice will emerge over time.

As with any new technology, virtual reality will require specially crafted, thoughtful experiences made for the medium, and we must avoid the temptation to simply repurpose existing assets for this rich and immersive world. A completely new storytelling language is required, one that is more accessible and engaging than ever before. This time it’s for real.